BitOasis Partners with Mastercard to Roll out Crypto-Linked Cards across MENA

BitOasis Partners with Mastercard to Roll out Crypto-Linked Cards across MENA

BitOasis, a leading cryptocurrency platform in the Middle East and North Africa (MENA), and Mastercard have partnered to launch a series of crypto card programs in the region, facilitating day-to-day cryptocurrency usage at points of sale and across e-commerce platforms.

Customers of BitOasis will be able to convert their cryptocurrency holdings to fiat currency, allowing them to shop and pay at over 90 million merchant locations worldwide. With regulatory approval, the first cards are expected to be available in early 2023.

Customers can issue virtual and physical BitOasis cards through a digital onboarding experience via the BitOasis app, allowing them to conduct physical and online transactions.

Reportedly, cryptocurrency payments and cash-outs are considered inconvenient, with the vast majority of merchants refusing to accept such payments directly. BitOasis customer transactions will be able to take place in Fiat currency, providing consumer protections such as dispute resolution and refunds that are currently unavailable when paying with a digital asset. The collaboration will address these issues while also increasing customer awareness and crypto adoption in the region.

What you should know about BitOasis and Mastercard partnership

“Changes in consumer demand, as they seek new, fast, and flexible digital experiences, are fueling an increase in the adoption of emerging payment technologies,” said Amnah Ajmal, Executive Vice President of Market Development, EEMEA, Mastercard. This raises the bar for businesses to provide multiple ways to shop and pay. We enable the consumer experience to be seamless by using their cryptocurrencies in a safe and secure environment through our collaboration with BitOasis, one of the most innovative crypto platforms in MENA.”

Also speaking, Ola Doudin, CEO and co-founder, BitOasis, said “We continue to see consistent demand from our customers for cryptocurrency to be integrated into and relevant to their daily lives.” According to research, 47% of the Middle East population now believes cryptocurrency is the future of money. We are delighted to partner with Mastercard to enable BitOasis customers to benefit from the convenience of linking their BitOasis wallets to their BitOasis Mastercard Crypto Cards for use across Mastercard’s global merchant network. BitOasis’ mission is to enable a new digital financial system that is transparent, inclusive, regulated, and relevant daily, while also providing enhanced safety and security for cryptocurrency payments. Today’s collaboration assists us in carrying out our mission.”

According to the 2022 Mastercard New Payments Index, 29% of respondents worldwide hold cryptocurrency as an investment, with another 65% preferring crypto-related services to be provided by their current trusted financial institution. Merchants worldwide are also becoming more open to accepting cryptocurrency payments, with 46% of those polled by PYMNTS indicating that they have already integrated virtual assets into their payment method acceptance mix in some form, with 77% citing lower transaction processing fees as the primary reason for adoption.